8.8A-601 - A-601. Savings clause. - Virginia Statutes

§ 8.8A-601. Savings clause.

(a) This title does not affect an action or proceeding commenced beforeJanuary 1, 1997.

(b) If a security interest in a security is perfected on January 1, 1997, andthe action by which the security interest was perfected would suffice toperfect a security interest under this title, no further action is requiredto continue perfection.

If a security interest in a security is perfected on January 1, 1997, but theaction by which the security interest was perfected would not suffice toperfect a security interest under this title, the security interest remainsperfected for a period of four months, until May 1, 1997, and continuesperfected thereafter if appropriate action to perfect under this title istaken within that period.

If a security interest is perfected on January 1, 1997, and the securityinterest can be perfected by filing under this title, a financing statementsigned by the secured party instead of the debtor may be filed within thatperiod to continue perfection or thereafter to perfect.

(1996, c. 216.)